# EMU Magnitude Robustness

## Standardized Effects

| Metric | Value |
|:---|---:|
| Z1_dev coefficient | -185.46 |
| Z1_dev SD (within-EMU) | 0.3599 |
| Z1_dev IQR width | 0.3036 |
| 1-SD effect on CA/GDP deviation | -66.75 pp |
| IQR effect on CA/GDP deviation | -56.30 pp |
| 1-SE (coefficient) | 32.31 |

## Winsorization Robustness

| Specification | Z1_dev | SE | p | N | R² |
|:---|---:|---:|---:|---:|---:|
| Baseline | -185.46*** | (32.31) | 0.0000 | 447 | 0.3304 |
| Winsorized CA | -180.35*** | (30.64) | 0.0000 | 447 | 0.3357 |
| Wins p1/p99 | -185.61*** | (32.97) | 0.0000 | 447 | 0.3144 |

## Leave-One-Out

| Dropped Country | Z1_dev | SE | p | N |
|:---|---:|---:|---:|---:|
| AUT | -187.92*** | (33.20) | 0.0000 | 421 |
| BEL | -183.08*** | (32.62) | 0.0000 | 421 |
| CYP | -180.06*** | (34.92) | 0.0000 | 430 |
| DEU | -189.78*** | (31.56) | 0.0000 | 421 |
| ESP | -187.29*** | (35.59) | 0.0000 | 421 |
| EST | -186.43*** | (32.85) | 0.0000 | 433 |
| FIN | -187.11*** | (32.26) | 0.0000 | 421 |
| FRA | -186.70*** | (33.57) | 0.0000 | 421 |
| GRC | -172.39*** | (33.46) | 0.0000 | 423 |
| IRL | -170.95*** | (39.41) | 0.0000 | 421 |
| ITA | -186.70*** | (33.93) | 0.0000 | 421 |
| LTU | -186.17*** | (33.11) | 0.0000 | 437 |
| LUX | -185.34*** | (30.72) | 0.0000 | 423 |
| LVA | -189.03*** | (32.73) | 0.0000 | 436 |
| MLT | -213.11*** | (33.00) | 0.0000 | 430 |
| NLD | -129.32*** | (37.67) | 0.0007 | 399 |
| PRT | -178.19*** | (31.56) | 0.0000 | 421 |
| SVK | -200.17*** | (30.18) | 0.0000 | 431 |
| SVN | -179.35*** | (34.52) | 0.0000 | 415 |
| **Full sample** | **-185.46***** | **(32.31)** | **0.0000** | **447** |

*Panel GLS with country and year fixed effects. EMU members post-accession. Z deviations from EMU-year means.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*